The SPAC merger with CA Healthcare Acquisition values LumiraDx at $3bn. Credit: LumiraDx.

LumiraDx has completed its merger with the special purpose acquisition company (SPAC) CA Healthcare Acquisition (CAHC).

The business combination values LumiraDx at $3bn, which excludes the amounts raised by CAHC in its preliminary public offering.

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CAHC entered a definitive merger agreement with LumiraDx in April.

Stockholders of CAHC approved the merger on 28 September. LumiraDx’s security holders also voted their approval on all the proposals linked to the business combination.

Beginning today, LumiraDx’s common shares will commence trading on Nasdaq under the ticker symbol ‘LMDX’, while the warrants assumed by LumiraDx from CAHC will trade under ‘LMDXW’.

Last month, LumiraDx and CAHC revised the transaction terms of their proposed merger to adjust the former’s pro forma valuation for the combined group from $5bn to $3bn.

A point of care diagnostic testing company, LumiraDx has five LumiraDx Platform tests in the market, which includes its broad portfolio of rapid, precise and cost-effective Covid-19 testing solutions.

Furthermore, the company has ten new tests on its platform awaiting approvals over the next two years, including Troponin, Flu/Covid and tuberculosis tests.

LumiraDx noted that the company can potentially steer transformation in diagnostic testing with a pipeline of more than 30 assays for common health conditions, including infectious diseases, cardiovascular diseases, diabetes and coagulation disorders.

CAHC chairman and CEO Larry Neiterman said: “The management team of LumiraDx has decades of entrepreneurial success in the point of care setting and we believe the LumiraDx Platform provides a significant opportunity for our shareholders.

“The clear patient benefit of LumiraDx’s diagnostics allows the company to target a large and underpenetrated testing market.”

LumiraDx chairman and CEO Ron Zwanziger said: “Our testing technology, which allows us to rapidly scale and offer lab-comparable testing with fast results across health conditions, is impacting healthcare across market segments, including the physician’s office, retail pharmacy, emergency care, and global health.

“Now, as a publicly-traded company, we can accelerate our expansion across geographies and health conditions, impacting global healthcare and testing access, and bringing value to our shareholders and customers.”

The US Food and Drug Administration granted emergency use authorisation to LumiraDx’s SARS-CoV-2 Ab test in August.